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EU reduces imports of Russian steel products by almost 40% in 2023

Friday, 1 March 2024, 21:49
EU reduces imports of Russian steel products by almost 40% in 2023
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In 2023, the European Union reduced imports of iron and steel products from Russia to 4.8 million tonnes, decreasing the import by 39.5% compared to 2022. 

Source: Eurostat data, reported by GMK Centre

Details: Last year, the cost of importing Russian iron and steel products decreased by 38.5% compared to 2022, to €2.4 billion.

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Most of the imports, 69.4%, were semi-finished products, with the EU importing 3.11 million tonnes from Russia over the year. This is 16.6% less than in 2022. The biggest EU importer was Belgium, it acquired 1.22 million tonnes of the semi-finished products (-16.8%).

"In 2023, iron ore supplies from the Russian Federation to the EU amounted to 332.3 thousand tons, down 88.2% compared to 2022. Most of the raw materials were shipped to Slovakia – 185.94 thousand tons (-66% y/y). Imports of ferroalloys amounted to 46.1 thousand tons (-63.9% y/y), pig iron – 1.4 million tons (+20.1% y/y), and scrap – 35.1 thousand tons (-95.3% y/y)," the GMK Centre writes.

The main consumers of these Russian mining and metals products in 2023 were:

  • pig iron – Italy, 1.18 million tonnes (+22.1%);
  • ferroalloys – the Netherlands, 34,500 tonnes (-67.5%);
  • scrap – Lithuania, 31,350 tonnes (+84%).

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